Welcome to Kaupr Today

Good morning – and welcome to Kaupr Today. Nordic bitcoin treasuries are scaling, OTC desks are quietly moving size, and local fintech rails are plugging into EU markets, while Bybit’s Stockholm Open deal and tonight’s first Satoshi Nakamoto “annual speech” in Oslo pull digital assets further into the mainstream. Add MrBeast’s leap into youth banking, and the next wave of finance looks set to be shaped as much by regional initiatives and creator‑led distribution as by traditional bank.

Have a good read,
Morten

Crypto markets, DC politics and VC reset

Bitcoin hovers around $69,000 as analysts see signs of a market bottom forming

Bitcoin is trading near $69,000 after last week’s sharp sell‑off, with Compass Point analyst Ed Engel arguing that roughly $10 billion in realized losses and “record capitulation” suggest the crypto market may be in the early stages of bottoming. He cautions, however, that crypto downturns rarely produce V‑shaped recoveries and sees a risk that bitcoin could retest $60,000 or even fall toward $55,000 before any sustained rebound, after sliding about 45 percent from its October all‑time high above $126,000 amid forced liquidations and heavy selling by large holders.​

Why it matters: The combination of deep realized losses and continued downside risk underscores how late‑cycle bear‑market dynamics can create both structural stress and potential entry points for long‑term investors watching for a durable bottom in bitcoin.

Source: Bitcoin falls to $69,000 as crypto market shows ‘early stages’ of bottoming, Yahoo Finance

White House crypto talks stall as stablecoin yield fight blocks market-structure bill

The Block reports that White House–brokered negotiations between banks, crypto firms and lawmakers have hit an impasse over whether non‑bank platforms should be allowed to pay yield or rewards on dollar‑pegged stablecoins, leaving comprehensive US crypto market‑structure legislation stuck in the Senate. Banks warn that yield-bearing stablecoins could drain hundreds of billions in deposits and threaten lending capacity, while crypto companies argue that prohibiting yields would cripple their business models, and a February deadline has been set for a compromise on bill language to avoid the package stalling completely.

Why it matters: The deadlock shows how stablecoin yield policy has become the gatekeeper issue for US crypto rules, with outcomes likely to shape dollar liquidity, bank funding and whether regulated, onshore stablecoins can compete with offshore alternatives.

Source: White House stablecoin yield talks hit impasse, stalling US crypto bill, The Block

Crypto VC faces identity crisis after $19 billion boom turns to bust

A new Bloomberg analysis details how falling token prices, a brutal altcoin selloff and shrinking retail interest have left crypto‑focused venture capital funds questioning their model after deploying about $19 billion into the sector in 2025. Funds that once leaned on token liquidity and speculative narratives are now pivoting toward traditional venture metrics such as product‑market fit, revenue and user retention, while some shift capital to fintech, stablecoins and AI as consolidation forces weaker projects and specialized funds out of the market.​

Why it matters: The retrenchment of crypto‑native VCs toward sustainable business fundamentals marks a structural shift away from narrative‑driven token bets, with implications for startup funding, token launch dynamics and who captures upside in the next cycle.

Source: Crypto Crashes Rattle Venture Capitalists After $19 Billion Haul, Yahoo Finance / Bloomberg

De-dollarizing China, dept-funded Alphabet

China steps up de-dollarization push by cutting US Treasury exposure

China is accelerating efforts to reduce its reliance on the US dollar by quietly instructing state‑linked banks to pare back holdings of US Treasuries and rotate more of their reserves into gold and alternative assets. The move, which comes as China’s official Treasury holdings have already fallen to their lowest level since 2008, is contributing to upward pressure on US yields and feeds into a broader strategy of diversifying away from dollar‑denominated assets amid rising geopolitical tensions and sanctions risk.​

Why it matters: A deliberate, long‑term shift by one of America’s largest creditors away from US debt underscores the gradual erosion of dollar dominance and strengthens the case for alternative reserve assets, from gold to bitcoin, in an increasingly multipolar financial system.

Source: China To Accelerate De-dollarization By Cutting US Treasury Holdings — and Boosting Gold and Crypto?, Yahoo Finance

Alphabet sells $20 billion in bonds to fund record AI and data-center spend

Alphabet, Google’s parent company, has completed a $20 billion multi‑tranche US dollar bond sale, upsizing its planned ~$15 billion deal as investors rushed to buy new debt tied to the company’s massive AI and data‑center expansion. The offering, which includes maturities out to 2066, comes as Alphabet guides for record 2026 capital expenditures of up to $185 billion to build out AI infrastructure, cloud capacity and global data centers.

Why it matters: The enlarged deal underlines how investor demand is financing an unprecedented AI capex cycle, with even cash‑rich tech giants increasingly relying on long‑dated bond markets to scale core digital infrastructure.

Source: Alphabet Embarks on Global Bond Spree to Fund Record Capital Spending, Yahoo Finance

Top creator moves into fintech

MrBeast’s Beast Industries acquires youth-focused financial app

YouTube star Jimmy “MrBeast” Donaldson has acquired Step, a youth-focused financial services app with more than 7 million users, in a deal that marks his first major move into fintech under his Beast Industries holding company. Step offers teens and young adults an all‑in‑one money app with savings, a credit‑building Visa card and other tools delivered via partner bank Evolve Bank & Trust, and will now be used to push financial education and new products to MrBeast’s massive fan base.​

Why it matters: The acquisition shows how top creators are turning their media empires into distribution rails for regulated financial services, potentially reshaping how Gen Z accesses banking, credit building and money education.

Source: YouTube star MrBeast buys youth-focused financial services app Step, CNB

Buys, builds and bitcoin from Nordic players

K33 moves to become largest shareholder in Sixty Six Capital

K33 has signed a non-binding letter of intent to acquire a 46.27 percent stake in Canadian bitcoin treasury company Sixty Six Capital, which holds 149 BTC and is listed on the Canadian Securities Exchange under the ticker SIX. The deal is designed to increase K33’s indirect bitcoin exposure, strengthen its balance sheet, and expand its presence in North American capital markets while linking its operational platform more closely to a pure bitcoin treasury model.​

Why it matters: This move illustrates how active bitcoin treasury players are using strategic stakes in listed treasury vehicles to scale balance sheet capacity, unlock new lending and capital-efficient products, and gain footholds in key capital markets.

Source: K33 aims to become the largest shareholder in Canadian bitcoin company Sixty Six Capital, Kaupr

Bybit brings crypto sponsorship to Nordic tennis with Stockholm Open title deal

Bybit EU, the MiCA‑licensed European arm of crypto exchange Bybit, is becoming the new title partner of the Stockholm Open in a three‑year agreement that renames the ATP tournament the Bybit Stockholm Open and coincides with the event reclaiming its classic name. The deal secures a long‑term sponsor for the tradition‑rich tournament, which draws around 30,000 spectators annually to the Royal Tennis Hall, and is framed by both parties as a way to combine financial‑sector partnerships with growing exposure to digital assets in the Nordic market.​

Why it matters: The partnership signals that regulated crypto platforms now see Nordic sports as a credible channel for brand building and trust, further blending digital asset players into mainstream financial and sporting ecosystems in the region.

Source: Crypto sponsorship enters Nordic sports – Bybit becomes title partner of the Stockholm Open, Kaupr

Goobit sees strong OTC bitcoin flows through BTCX in early 2026

Goobit Group reports that its OTC service via the BTCX trading platform has handled around 480 bitcoin since the start of the year, corresponding to roughly EUR 31 million in transaction value for companies, institutions and high‑net‑worth clients seeking discreet, large‑ticket execution. The firm positions BTCX’s OTC desk as a professional, private‑banking‑style service focused on security, transparency and tailored execution, and says the higher activity confirms BTCX’s role as a leading venue for larger bitcoin trades in the Nordics.

Why it matters: Rising OTC volumes at regulated Nordic platforms suggest more sophisticated investors are allocating to bitcoin through private, off‑exchange channels, reinforcing bitcoin’s role as a treasury and investment asset in the region.

Source: Goobit reports high OTC activity on BTCX: Around 480 bitcoin traded since the start of the year, Kaupr

Huddlestock lands Modern Finance Nation as new IaaS client in Germany

Huddlestock Fintech has signed an Investment‑as‑a‑Service agreement with Frankfurt‑based Modern Finance Nation, which is building a securities‑based model to help households finance larger private investments by combining ETF savings with interest rate hedging. MFN will operate as a contractually bound broker under Huddlestock’s regulatory umbrella, with both ETFs and interest‑rate options brokered via Huddlestock’s infrastructure, and the deal includes a distribution agreement that lets Huddlestock offer MFN’s solution to third‑party platforms, with revenues expected from the second half of 2026 and growing alongside MFN’s client base.

Why it matters: The partnership underscores how Nordic fintechs are using investment‑as‑a‑service platforms and regulatory “umbrellas” to expand into core EU markets, embedding structured investment and hedging products directly into consumer‑facing finance models.

Source: Huddlestock announce Modern Finance Nation as new IaaS customer in Germany, TradingView / Huddlestock company release

Happening today in Oslo - Satoshi speech

Bitcoin annual address on the eve of Norway’s central bank speech

On Wednesday 11 February, Bitcoin Policy Norway is hosting the first “Satoshi Nakamoto Annual Address” at the National Library in Oslo, positioned as a symbolic bitcoin‑focused annual speech on money and technology the night before the governor of Norges Bank delivers Norway’s official macro and monetary policy address. Thomas Eichenberger, Deputy Group CEO and Chief Strategy Officer at Sygnum Bank, will give this inaugural address, adding a dedicated bitcoin and digital‑asset layer to Norway’s financial calendar alongside the traditional central bank speech.

Why it matters: The new annual address highlights how bitcoin and digital assets are becoming part of Norway’s broader financial and policy conversation, creating a parallel forum to discuss money, technology and financial infrastructure outside the traditional central bank framework.

Source: Bitcoin annual address – the day before the governor of Norway’s central bank delivers her annual address, Kaupr

What to watch for

Look out for ETF flows, stablecoin supply and on‑chain liquidity as early signals of how much risk markets are willing to take across both crypto and equities, noting that these readings can flip quickly when macro data or news hits. Also keep an eye on how fast tokenization projects move from pilots into live products on real balance sheets, alongside the risk that timelines slip or early implementations struggle with liquidity and regulation

Why it matters: These indicators can show whether digital finance is gaining depth and resilience or stalling at the proof‑of‑concept stage, but they can also reveal how concentrated and fragile some liquidity channels still are. They highlight which platforms and jurisdictions are quietly becoming key hubs for the next phase of market infrastructure, even as short‑term volatility, ETF outflows and shifting rate expectations continue to inject headline risk into prices and flows.

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Thank you for reading Kaupr Today. If you find this briefing useful, please share it with a colleague or friend who should be following Nordic and European digital‑finance news more closely. Wishing you a great Wednesday — and welcome back on Thursday morning for the next edition of Kaupr Today.

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Best regards
Morten Myrstad
Founder & Editor